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SINGAPORE/BEIJING (Reuters) - A rapid rise in offshore drilling and deepwater gas extraction may seem an unlikely path to lower emissions, but are central planks of Chinese energy major CNOOC Ltd’s plan to help hit Beijing’s climate goals.
FILE PHOTO: A Chinese national flag flutters between flags of China National Offshore Oil Corp (CNOOC) at its headquarters in Beijing, China on March 8, 2021. REUTERS/Tingshu Wang
While global peers like BP, Royal Dutch Shell have announced cuts in hydrocarbon output and huge renewable energy investments to cut emissions, China’s third-largest oil and gas producer plans an ambitious gas-heavy overhaul of its production mix by 2035 as its way of helping meet carbon-cutting goals.
Analysis: CNOOC needs to double down on drilling and deals in carbon-cutting gas pivot
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Analysis: CNOOC needs to double down on drilling and deals in carbon-cutting gas pivot
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Analysis: CNOOC needs to double down on drilling and deals in carbon-cutting gas pivot
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CNOOC Limited Announces its 2021 Business Strategy and Development Plan
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HONG KONG, Feb. 4, 2021 /PRNewswire/ CNOOC Limited (the Company , SEHK: 00883,NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2021.
In the extremely challenging year of 2020, under the leadership of the Board of Directors, the Company s management, together with all staff, overcame the huge impact from low oil price and the pandemic of COVID-19. During the period, while strictly implementing pandemic prevention and control measures, the Company invested great efforts in growing its oil and gas reserves and production, further reduced costs and enhanced efficiency, promoted reform and innovation, and ensured the safety in production. Thanks to all these measures, the Company s net production hit a record high of approximately 528 million barrels of oil equivalent (BOE) in 2020.